Three classes of Morgan Stanley Dean Witter Capital I Trust commercial mortgage pass-through certificates, series 2001-TOP3, have been downgraded by Moody's Investors Service.The downgrades were as follows: class J, from Ba3 to B1; class L, from B2 to B3; and class M, from B3 to Caa1. Moody's also affirmed the ratings on 12 other classes in the deal. The downgrades were attributed to poorer performance by two shadow-rated loans and to loan-to-value ratio dispersion. The pool consists of three shadow-rated loans, representing 13.3% of the pool, and a conduit component. Based on Moody's analysis, 12.6% of the conduit pool has an LTV greater than 100%, compared with 1.7% at securitization.

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